Iberdrola and AXA IM Alts have signed a memorandum of understanding (MoU) to explore collaboration in the offshore wind sector in France.
With the agreement signed between the two companies, both parties will negotiate terms where AXA IM Alts on behalf of clients would join Iberdrola’s project as a minority shareholder if awarded in the A04 auction and subject to obtaining regulatory approvals and other customary conditions.
Iberdrola is participating in the A04 tender, also known as La Manche, which involves the award of approximately 1 GW of offshore wind in Normandy.
Bid submission is scheduled for 10 November, with an award expected in the first quarter of 2023.
The area selected for the development of the wind farm is located more than 32 kilometres off the coast of Normandy.
Other companies and consortia that were selected for the A04 tender are Eoliennes en Mer Manche Normandie, a project company of EDF Renouvelable and Maple Power, a joint venture of Enbridge and CPPIB; Ocean Winds; Shell; a consortium formed by the Total and RWE groups; and a consortium of Vattenfall, wpd, and the Banque des Territoires.
When it comes to AXA IM Alts, the company, together with Crédit Agricole Assurances, recently acquired 50 per cent of Ørsted’s 1.3 GW Hornsea Two project, the world’s largest offshore wind farm in operation.
The agreement was signed back in March for GBP 3 billion (approximately EUR 3.6 billion).